Bahrain will host the General Assembly of the Organization for Digital Cooperation (DCO) on Wednesday.
Chaired by Bahrain’s Minister of Transport and Telecommunications and Chairman of the DCO Council, Mohammed bin Thamer Al Kaabi, the event will discuss the organization’s plans and projects to promote virtual prosperity.
In a statement, the DCO said the event would be attended by ministers and officials representing the DCO’s 15 member states, such as DCO Secretary General Deemah AlYahya, high-level delegations of partners and observers, representatives of invited countries and foreign organizations.
They are expected to discuss strategic projects to foster global virtual cooperation, shed light on the state of the virtual economy, and tactics to overcome the demanding situations faced to achieve inclusive and sustainable expansion in this important sector.
Minister Bharani, Mohammed Al Kaabi, said: “We are honoured to host DCO’s 3rd General Assembly, bringing together Member States and prominent visitors to talk about achievements and launch new projects to achieve virtual prosperity and growth. “
Through joint external action and fruitful cooperation, the General Assembly will seek to promote an inclusive and sustainable expansion of virtual transformation and maximize the benefits of all countries from the opportunities and projects that will be had to expand the virtual economy, he added.
As a founding member of the DCO, Bahrain is committed to sharing its wisdom and experience that have helped its economic growth, he said.
During Bahrain’s presidency in 2023, Qatar and Bangladesh joined the OECD as new member states. Manama presented the Digital Prosperity Awards to inspire cooperation and facilitate innovation and virtual transformation among member states.
Secretary-General AlYahya stressed the importance of holding the General Assembly in Manama, saying: “Digital cooperation is key to reaping the benefits that arise from the opportunities presented through the virtual economy. “
“The Third General Assembly will serve as a strategic platform for the engagement of Member State governments, the personal sector and civil society in progressing a roadmap for the current year. This will address the development of demanding situations and seize opportunities to facilitate virtual prosperity for all. ,” she said.
He added that he plans to meet with all representatives of the DCO observer members, partners and visitors in Manama to review the achievements of the DCO in 2023 and discuss the projects for 2024, thus helping to propel the organization towards achievement. the objectives defined in its strategic roadmap for 2030.
The General Assembly will explore the growth of markets and their impact on the digital economy; the value of data as a strategic resource in the digital age and how to use it effectively to achieve growth; and ways to achieve a sustainable digital economy contributing to improving the quality of life and emphasizing the pivotal role of humans as an essential element in the development process.
The General Assembly will discuss the DCO’s plan for 2024 and the new projects it will launch as a component of its 2030 strategic roadmap to advance global virtual cooperation towards an inclusive and sustainable virtual economy. He will also talk about the monetary and administrative reports submitted through the General Secretariat of the organization.
The last DCO General Assembly was held in Riyadh, Saudi Arabia, in February 2023. The DCO brings together the ministries of communications and data generation of 15 countries: Bahrain, Bangladesh, Cyprus, Djibouti, Gambia, Ghana, Jordan, Saudi Arabia. , Kuwait, Morocco, Nigeria, Oman, Pakistan, Qatar and Rwanda.
Together, OECD member states make up more than $3. 3 trillion in GDP and a market of approximately 800 million people, more than 70% of whom are under the age of 35.
Samsung Electronics on Wednesday reported a 34% year-on-year drop in operating profit for the latest quarter, as weak demand for its TVs and other consumer electronics offset hard-won gains in the slowly recovering PC chip market.
The South Korean tech giant said it expects its business to improve around 2024, predicting increased demand for semiconductors that will power artificial intelligence features increasingly used in smartphones, private computers and other products. However, macroeconomic uncertainties could continue to impact your business. in the short term.
Samsung’s operating profit was measured at 2. 8 trillion won ($2. 1 billion) for the three months to December, compared with $4. 3 trillion ($3. 2 billion) at the same time last year. Its operating profit for the full year 2023 was 6. 5 trillion won ($4. 8 billion). , down 85% from 2022 and the company’s lowest since 2008, when global markets were going through a currency crisis.
While the company’s semiconductor department posted a loss of 14. 9 trillion won ($11 billion) in 2023, the losses narrowed in the fourth quarter as the DRAM returned to profit. The company announced in October that it plans to more than double its production capacity for complex components of high-bandwidth memory chips by 2024 to meet the demands created by AI.
“In 2024, the memory industry expects the market to continue despite various potential headwinds, in addition to interest rate policies and geopolitical issues,” Samsung said in a statement.
The company is also striving to increase sales of its latest smartphone, the Galaxy S24, which comes with a variety of new AI-enabled features, adding phone calls with live translation in thirteen languages and 17 dialects.
The first human patient received an implant from brain chip startup Neuralink on Sunday and is recovering well, the company’s billionaire founder Elon Musk said.
“Early effects show promising detection of neural spikes,” Musk said Monday in a post on social media platform X.
Spikes are an activity of neurons, which the National Institutes of Health describes as cells that use electrical and chemical signals to send them to the brain and body.
Last year, the U. S. Food and Drug Administration gave the company permission to conduct its first trial to test its implant in humans, a step in the startup’s ambitions to help patients overcome paralysis and a host of neurological problems.
In September, Neuralink won approval for enrollment in the human trial.
The study uses a robot to surgically place a brain-computer interface (BCI) implant in a region of the brain it is intended to move, Neuralink previously said, adding that its initial goal is to allow other people to access a computer’s cursor or keyboard. using only your thoughts.
The “ultra-thin” wires in the implants transmit signals to the participants’ brains, Neuralink said.
Neuralink’s first product would be Telepathy, Musk said in a separate post on X.
The startup’s PRIME is a test of its brain-computer wireless interface to compare implant and surgical robot protection.
Neuralink did not immediately respond to a Reuters request for further details.
The company has faced calls for scrutiny regarding its security protocols. Reuters reported earlier this month that the company had been fined for violating U. S. Department of Transportation regulations. U. S. Customs and Drug Administration (DOT) related to the movement of hazardous materials.
The company was valued at about $5 billion last June, but four lawmakers in late November asked the US Securities and Exchange Commission to investigate whether Musk had misled investors about the safety of its technology after veterinary records showed problems with the implants on monkeys included paralysis, seizures and brain swelling.
Musk wrote in a social media post on Sept. 10 that “no monkey has ever died from a Neuralink implant. “He added that the company had chosen “terminal” monkeys to minimize risks to healthy monkeys.
Pony Ma, chief executive officer and co-founder of Tencent Holdings, said the company’s video game business is facing major demanding situations from its competitors, but it is catching up with the advancement of synthetic intelligence (AI).
Ma, speaking at Tencent’s annual meeting at a Shenzhen stadium on Monday, said the company rests on its laurels at games as its competition scored more successes. Video games account for more than 30% of Tencent’s revenue.
Chinese media outlet Jiemian published portions of Ma’s speech online. A user with direct knowledge of the matter, who declined to be identified because he has the right to speak to the media, showed the content.
Ma’s speech underscores concerns whether Tencent, the world’s biggest gaming company and the operator of China’s biggest social network WeChat, can defend its status as China’s No.1 tech company at a time marked by intensifying competition and new disruptive technologies.
Tencent responded to a request for comment on Tuesday.
“Gaming is our core business. . . But over the past year, we have faced significant challenges,” Ma said. “We find ourselves lost, while our competition continues to produce new products, which gives us the feeling that we have not completed anything. »
Ma added that the new games introduced through Tencent had not performed as the company had hoped.
Ma’s comments come at a time when Chinese game developers miHoYo and NetEase have outperformed Tencent with blockbuster titles like “Genshin Impact” and “Eggy Party. “While hits beyond Tencent like “Honor of Kings” and “PUBG Mobile” continue to generate strong revenue, the products fall short of expectations.
When it comes to AI, Ma said Tencent has stood firm. “In spite of everything, we can keep up with the leading companies. We don’t see ourselves as the most advanced, but at least we’re not too far behind,” he said. .
Ma said Tencent deserves to focus now on integrating its “Hunyuan” AI style into other business scenarios to empower, rather than temporarily transforming AI into products.
“In the short term, in the next one or two years, I think there probably still won’t be a big application of local AI,” he said.
Ma’s speech also focused on e-commerce. In recent years, Tencent has tried to make WeChat more like ByteDance’s Douyin short video platform, which has generated huge profits through e-commerce.
“WeChat is our physically most powerful platform in terms of the number of daily users and its ecosystem. But he is 12 years old. . . Now, how to locate new shoots from the old tree that is WeChat is the big question for us. ” Mom said.
Intel fell more than 12% on Friday following a gloomy first-quarter profit outlook as the chipmaker tries to catch up in the AI race and at the same time faces a weak PC market.
While AI is driving a boom in the chip sector, Intel seems to be an exception, analysts said. Semiconductor makers that make chips for the heavy data needs for generative AI were among the biggest winners in the stock market in 2023.
The forecast from Intel, one of the largest suppliers of PC chips, weighed on the rest of the sector. The Philadelphia SE Semiconductor Index slipped 2.7% to its worst day in more than three weeks.
“AI seems like (it is) everywhere except at Intel,” said Hans Mosesmann, analyst at Rosenblatt Securities, which has a sell rating on the stock.
The absence of any discernible driving force for the expansion of AI to move any dial “points to a year of transition,” he added.
Shares of chipmakers Nvidia, Advanced Micro Devices, Qualcomm and Micron Technology fell between 1. 3% and 2. 8%.
Intel is expected to lose about $26 billion in market value, if losses hold, on its $43. 47 percentage value in morning trading. Their percentages have skyrocketed by 90% in 2023.
The chipmaker forecast earnings for the current quarter that could be more than $2 billion lower than market estimates.
“There is a threat that Intel will be left behind as chips like Nvidia and Advanced Micro Devices play an increasingly vital role in the data-intensive AI sector,” said Russ Mould, chief investment officer at AJ Bell.
While Intel is not yet competitive in the AI-specific chip market, its core processing sets (CPUs) are used alongside Nvidia’s AI chips, and one-third of Intel server processors are now sold as components of AI systems.
Some analysts have had positive comments on the stock, with at least 15 brokerages raising their value targets. The median value among brokerages is $44, according to LSEG data.
“The company still has a lot to gain in the long term from its commitment to AI. Margins look strong and CEO Pat Gelsinger’s plan will continue to be implemented, albeit at a slower pace,” said Thomas Monteiro, senior analyst at Investing. com. .
Intel shares trade at about 28 times their 12-month earnings estimates, with 45. 08 for AMD and just around 30 for Nvidia, according to LSEG data.